Bulgarian Metals Group Intertrust Sees EBITDA Rising to 70-75 Mln Euro, Revenue Growing to 650-700 Mln Euro in 2011

In 2007 the group had an EBITDA of 43.1 million levs ($28.6 million/22 million euro), down 22%, and revenue of 398 million levs, up 11% from the previous year.

The forecasts are based on current market conditions and prices, the executive director of lead and zinc smelter OTZK, Slaveya Stoyanova, told SeeNews late on Tuesday.

The group plans to wrap up an investment programme for capacity increase at OTZK and in its steel tubes manufacturer Inter Pipe worth more than 200 million euro in 2011, Stoyanova said. As a result, OTZK will raise its annual zinc output to 45,000 tonnes from the current 27,500 tonnes and lead annual output to 60,000 tonnes from 33,000 tonnes. At Inter Pipe, it plans to build a new plant producing 250,000 tonnes of hot rolled coils a year and 60,000 tonnes of cold rolled coils.

With the launch of the new production lines, the group's annual revenue will triple to 650-700 million euro and assets will exceed 500 million euro, Stoyanova said.

Intertrust Holding, set up three years ago, has 21 subsidiaries in four countries. It also owns lead and zinc miner Gorubso Madan, lead and zinc concentrates producer Gorubso ROF, machine builder Fintechmash and lead and zinc mines. It also owns Macedonian vegetable producer Interagro and Serbian pre-painted galvanised (PPG) steel sheet and sandwich panels producer Interlemind and metal forging plant Zastava Kovacnica.

(1 euro = 1.95583 Bulgarian levs)